$800,000 US for Ocean Renewable Power Company

Ocean Renewable Power Company, LLC (ORPC) is receiving $800,000 US of funding from the Maine Technology Institute’s Maine Technology Asset Fund to build and test the commercial design of its proprietary tidal energy technology. The funding will provide a significant portion of the approximately $2 million needed to engineer, procure, manufacture, assemble, and test the company’s core technology, the Turbine Generator Unit.

The Maine Technology Asset Fund is a two-year, competitive award program created by a $50 million economic development bond approved by the Legislature and voters in 2007, this is the second year for the program, and $25 million was awarded to 16 projects in the state. (Source: Earth Toys, June 11, 2009)